Strategy has put its bitcoin purchasing program on hold. On Sunday, Michael Saylor announced that the company would not be adding to its bitcoin holdings this week, temporarily suspending its regular purchase program ahead of the first-quarter earnings release on Tuesday. Saylor stated, 'No buys this week. Back to work next week.' This pause marks only the second time this year that Strategy, formerly known as MicroStrategy, has halted its weekly bitcoin purchases.
The company had previously skipped a purchase during the week of March 23-29. Currently, Strategy holds 818,334 BTC, accounting for nearly 3.9% of the total 21 million bitcoin supply. Its most recent purchase added 3,273 BTC at an average price of $77,906 per bitcoin.
As of Monday morning, BTC was trading near $80,100, representing a 20% increase over the past month. The pause in bitcoin purchases may seem insignificant, but it comes ahead of Strategy's first-quarter results, with some Wall Street analysts predicting a loss of $18.98 per share. According to data from six analysts on Yahoo Finance, Strategy is expected to report first-quarter revenue of approximately $125 million, representing a 12.6% increase from $111.1 million the previous year. This would mark an improvement from the same quarter last year, when sales declined 3.6%, suggesting that the underlying software business is still performing well despite the company's identity being closely tied to bitcoin.
However, earnings are expected to be lower. Yahoo Finance's average estimate predicts a loss of $27.33 per share for the March quarter, while Zacks Research data points to an expected loss of $3.41 per share for the upcoming release.
Strategy is no longer viewed as a software company with a bitcoin position but rather as a bitcoin financing vehicle that also provides business intelligence software. As a result, Tuesday's report may be judged more on the sustainability of Saylor's capital-raising strategy and less on the company's true operating performance. One product gaining attention is STRC, a perpetual preferred share designed to trade near $100 while paying a variable monthly dividend, currently around 11.5% annualized.
The product is pitched as yield backed by Strategy's balance sheet and bitcoin-heavy capital strategy. However, there is a concern that it can start to resemble credit risk rather than stable income if market sentiment shifts. Higher bitcoin prices support Strategy's valuation, improving its ability to raise capital and fund more bitcoin purchases.
Nevertheless, when sentiment weakens, the same structure becomes more fragile. Saylor has stated that buying will resume next week, but Tuesday's earnings will reveal how much confidence investors still have in the machinery that makes this possible.
According to Monday's 8-K filing, the company raised $82 million through the sale of common stock, with no corresponding bitcoin purchases disclosed. UPDATE (May 4, 2026, 15:15 UTC): Information about the company raising $82 million has been added.